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Jeera prices continued its selloffs and finally closed at 17875 levels. As prices broke the long run ascending trend line support of 18050, sentiments turned bearish and currently prices need to break 45 day EMA support of 17524 for the correction to continue towards 17280 followed by 16940 levels. Further, the daily RSI (14) is still treading within the over bought zone, suggesting a near term lower correction on the cards. However, an acuterise above 18500 could extinguish the bearish tone and continue the upside rallies. Hence, we recommend to sell on pullbacks for the day.

Enthusiasm for the bitoech sector has been dwindling as investors avoid doubling up on volatility in the current market but Pfizer's latest rheumatoid arthritis may tempt the pro-risk buyer.